Thursday, January 26, 2012

Remodeling sentiment rose to the highest level in five years, according to the National Association of Home Builders' (NAHB) Remodeling Market Index (RMI) for the fourth quarter of 2011. Released today, the RMI increased to 46.6 in the fourth quarter from 41.7 in the third quarter.
In the fourth quarter, the RMI component measuring current market conditions rose to 48.4 from 43.0 in the previous quarter. The RMI component measuring future indicators of remodeling business was also positive, increasing to 44.8 from 40.4 in the previous quarter.
An RMI below 50 indicates that more remodelers report market activity is lower (compared to the prior quarter) than report it is higher. The overall RMI averages ratings of current remodeling activity with indicators of future activity.
"As more consumers remain in their homes rather than move in this economy, remodelers benefited from a gradual increase in home improvement activity, taking us to a five-year high," said NAHB Remodelers Chairman Bob Peterson, CGR, CAPS, CGP, a remodeler from Ft. Collins, Colo. "2011 ended on a strong note for the remodeling industry."
Current market conditions improved significantly in all four regions over the third quarter of 2011. The RMI reported higher market activity in two important categories: major additions 52.3 (from 45.2) and minor additions 50.1 (from 45.7).
Future market indicators in each region also experienced gains from the previous quarter. Two of the indices reported a level over 50: calls for bids at 50.7 (from 45.4) and appointments for proposals at 50.1 (from 43.3), while work committed for the next three months only rose to 31.5 (from 29.9).
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

WHY DEALS DIE
I have seen estimates stating that 29% of deals that go to contract and require a mortgage, don’t close. That number boggles my mind. It means that even after a buyer and seller come to terms on a sale (not an easy feat these days), 3 out of 10 transactions fall apart. What are some of the more common reasons?
•Appraisal issues – In many markets, we are still seeing declining values. Appraisers are in a difficult position, and with so many transactions (including seller’s concessions to assist buyers with closing costs) values aren’t always coming in at sales prices.
•Short Sales not being approved by the current lender – With so many sellers owing more than their home is worth, buyers’ proposals need to be sanctioned by the lender (who will be receiving less than they are owed). Some of the offers are too low, but often, the lender isn’t local and they really don’t know what the property is worth today.
•Bad pre-approvals from the loan officer – Today, loan officers who are not reviewing tax returns, analyzing bank statements, and asking for detailed explanations and documentation on credit blemishes, are truly hurting the customers. Issuing pre-approvals based on the representations of the customer is reckless and a cause for dismay later.
•A lack of transparency – Whether it’s a seller or agent not disclosing property issues, or a buyer trying to sneak things by an underwriter, too many people think they can cut corners. That is not the world we live in anymore. Everything is uncovered. Being honest in the beginning, gives you the best chance to overcome obstacles.
It is clear by the numbers that closing loans can be more difficult today. However, with proper planning and integrity, many of the challenges can be dealt with early and successfully. Agents documenting values of the homes, loan officers doing complete reviews of the loan profile up-front, and everyone telling the truth helps get deals to a successful conclusion and avoids horror stories.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Monday, January 23, 2012

Best Award of the Night - Volunteer of the Year, Nassau County Realtors
Highlights:
Day Springs - Coordinated and delivered Secret Santa presents to 95 residents at the Day Spring Facilty in Hilliard. Day Spring services mentally handicapped adults who live on-site. Many of the gifts come from fellow people in the real estate community. Each resident receives 3 to 4 wrapped gifts that range from t-shirts and jeans to small electronics.
Wolfson Hospital Christmas Charity - packaged, donated and delivered Holiday toy packets for 75 children who were in treatment at the hospital over the holidays.
YMCA Amelia Island - Volunteer coach for the youth sports programs. Coached the 3 year olds in youth indoor soccer and the 10 year girls in youth basketball. Also was a main sponsor for the Kids Triathalon event.
AINCAR - Co chair of the Community Outreach - Beach Clean up, Food Drive, Homeless Shelter and Senior Spring Clean Up
Leadership Academy, Special Olympics volunteer, Involved with Katie Ride/Walk, On Site volunteer for Tim Tebow Classic to support Numerous Charities as well as the The Players Championship Golf Tournament
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Sunday, January 22, 2012

Check out this low country, custom home built in 2007 with over 3000 square footage of living space and two master suites! The kitchen is fully upgraded with granite, 42' cabinets, stainless steel appliances and tile. It opens up nicely to the family room that has a gas fireplace with stone accents. The first floor master bedroom has reading area and bathroom with separate tub and shower. Other nice features include upstairs bonus with bath or 2nd master, wood staircase, side entry garage, window treatments and front and back porches. All this in the live Oak-lined waterfront community of Waters Edge!
$350,000
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Located in "The Preserve" at Summer Beach. Beautiful community pool and short walk to the beach. The Pinehurst plan features a split bedroom design, open living space and plenty of natural light. Upgrades include custom built-ins, solid surface kitchen counters, extensive tile in living areas, fireplace and 3 full bathrooms. Triple sliders from the living room disappear to extend the tiled and covered lania area. 3BR/3BA plus office/study with french doors. Home is tiled throughout main living and study. Water softener. All lawn maintenance included in community dues. The best of Summer Beach. Gated community with membership available to the Golf Club of Amelia.
$350,000
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Large, ranch style on a huge Atlantic Avenue lot. Lot "may" be large enough to divide for a lot on Atlantic and a lot on 17th. Home needs work and price reflects value of Atlantic Avenue lots or size of existing lot...of unusual size in prime location. Owner will finance or look at cash offers. Owner financing at $75000 downpayment, 6% interest, 30 year ammortization with a 7 year balloon. The home is being sold in as-is condition...right to inspect, of course. (Note, will require 60 days to move after all contingencies are satisfied.)

Wednesday, January 18, 2012

Dont miss this opportunity to own this spectacular marsh front estate. This home has it all. Over 8000 sq ft in the main home and an additional garage workshop that is over 3000 additional sq ft and can house up to 6 cars. This estate has over 6 acres of marsh frontage and is only minutes from the island.$1,975,000Amelia Island Area Property Search

$489,000Paradise at its Best! This 5bdrm 3.5 bath with over 3400 sq. ft. is nestled in a quiet prestigious community within walking distance to the beach. Large open kitchen with granite counter tops, Center Island with cooktop. Volume ceilings and archways enhance the openness & flow of this home making it great for entertaining. Master bedroom downstairs with 4 additional bedrooms & loft upstairs make it perfect for a large family. Large master bedroom flaunts a sitting area, large walk in closets, tray ceiling, bay windows, crown molding, and large bath with garden tub & double vanities. Grand open foyer with tiled living areas, crown molding, built in work area in garage, 17' X 10" private screened porch and a cozy 8'X 8" open deck are just a few of the features. Amelia Island Area Property Search

Paradise at its Best! This 5bdrm 3.5 bath with over 3400 sq. ft. is nestled in a quiet prestigious community within walking distance to the beach. Large open kitchen with granite counter tops, Center Island with cooktop. Volume ceilings and archways enhance the openness & flow of this home making it great for entertaining. Master bedroom downstairs with 4 additional bedrooms & loft upstairs make it perfect for a large family. Large master bedroom flaunts a sitting area, large walk in closets, tray ceiling, bay windows, crown molding, and large bath with garden tub & double vanities. Grand open foyer with tiled living areas, crown molding, built in work area in garage, 17' X 10" private screened porch and a cozy 8'X 8" open deck are just a few of the features. $575,000Amelia Island Area Property Search

Friday, January 13, 2012

Just had a great lunch at Peppers Restaurant on Amelia Island with Randy Rice from Rice Architect. Make sure to drop in and enjoy the taco and black beans while looking for real estate!
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Wednesday, January 11, 2012

Home builders: Twice as many ‘improving housing markets’
WASHINGTON – Jan. 10, 2012 – The number of housing markets showing measurable improvement nearly doubled in January with the addition of 40 new metros to the National Association of Home Builders/First American Improving Markets Index (IMI). The IMI now shows 76 improving markets, up from 41 in December, with 31 states and the District of Columbia represented by at least one entry.
In Florida, three cities made it onto IMI’s improved list: Jacksonville, Cape Coral and Punta Gorda.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

KCM BLOG
Many believe that very few houses are selling and that almost no one can get a mortgage. We want to let everyone know that neither of these assumptions is true. Recently, the National Association of Realtors (NAR) released their Existing Homes Sales Report. According to the report there are, on average, 12,109 homes selling in the United States EACH and EVERY DAY! That means that approximately 12,000 houses sold yesterday, approximately 12,000 will sell today and approximately 12,000 will sell tomorrow. So the thinking that homes aren’t selling just isn’t true.
Another interesting fact in the report was that 72% of these transactions were accompanied by a mortgage. That means that approximately 8,719 people qualify for a mortgage on a daily basis in this country.
There are over 12,000 homes sold and over 8,000 mortgages granted every day. The real estate market is doing better than many believe.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Thursday, January 5, 2012

Jacksonville, FL –
(3,381 single-family permits in 2010, 26th largest market in the country)
Relapse in traffic as buyers continue to lack confidence. Buyer traffic deteriorated in
December, suffering a setback after seeing improvement in November, as our traffic index
dropped to 17 from 38. This is well below a neutral reading of 50, indicating traffic below
agents’ expectations for this time of year, and is also by far the worst reading out of any of
the Florida markets we surveyed in December. Despite the attractive prices and rates,
most agents said that economic fears and credit concerns dominated buyers’ psyche.
According to one agent, “Buyers are afraid the economy is not recovering and are waiting
for prices to fall even more.” Another agent cited the “lack of available mortgage
money…tighter lending criteria.” And in another negative sign, one agent commented,
“Buyer leads are pretty soft right now. Listing leads are up.” This could point to further
inventory troubles ahead. Agents who saw better traffic credited the “great prices” and
buyers who are either all-cash or relocations.
Time to sell lengthens, home prices fall. Home prices remained under pressure in
December, as our home price index came in at 31 (from 25 in November), with readings
below 50 indicating lower home prices over the past 30 days. Inventory levels continued to
trend lower, though the declines appeared more modest than last month as our home
listings index fell to 56 in December from 63 in November (above a neutral 50). In addition,
we continue to believe that the massive backlog of distress still working its way through
the system will add to inventory over the next year, which is likely why the recent trend
lower has not helped home prices. Furthermore, the length of time needed to sell
increased in December, typically a negative indicator for pricing.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Wednesday, January 4, 2012

Retirees could again lead Fla. rebound
WASHINGTON – Jan. 4, 2012 – While international buyers have been heralded as the leaders of a Florida real estate rebound, a recent Census Bureau report on migration trends indicates that U.S. residents from northern climates are once again heading to Florida for retirement.
Between April 1, 2010, and July 1, 2011, Florida welcomed 256,000 new residents, or roughly 560 new Floridians each day. Texas grew by 529,000 residents, and California came in second with 438,000.
In total population, Florida retained its No. 4 status, but its 19.1 million residents moved closer to bumping New York, with 19.5 million residents, from its No. 3 spot.
Florida ranked No. 3 for attracting new international residents, behind only California and Texas. However, the Sunshine State ranked No. 2 in attracting residents from other U.S. states. During the 15 months of the Census study, 119,000 moved to Florida from other states, a number surpassed only by Texas’ 145,000 new residents.
The state’s growth according to the Census Bureau surpassed earlier estimates by the University of Florida’s Bureau of Economic & Business Research, and Sarasota’s Herald-Tribune dug a little deeper to find out why. They found that the UF study relies mainly on new electric utility hookups to judge population growth, while the Census Bureau relies largely on tax returns and Medicare data.
Since the Census Bureau numbers were roughly twice UF’s figures, the Medicare data may have made a difference – implying greater demand from retirees – said University of Central Florida Economist Sean Snaith. “I think with the recovery of the wealth, at least through the rebound of the stock market, that has helped the flow of retirees resume,” Snaith said.
Source: Herald-Tribune, Dec. 21, 2011, Doug Sword
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

Tuesday, January 3, 2012

UF survey: Florida consumer confidence jumps in Dec.
GAINESVILLE, Fla. – Jan. 2, 2012 – Consumer confidence among Floridians rose three points to 69 in December, reflecting cautious optimism in the economy, according to a recent University of Florida (UF) survey. Though the latest figure is only one point below the level set in December 2010, it marks the highest rank in the past nine months.
The index used by UF researchers in the survey is benchmarked to 1966, which means a value of 100 represents the same level of confidence for that year. The lowest index possible is a 2; the highest is 150.
The survey result comes from five measured indexes, and four of the five rose while one declined.
The index that gauges whether Floridians think their personal finances have improved from a year ago rose one point to 53. Attitudes about the soundness of the U.S. economy jumped six points to 59. Confidence in the economy’s performance over the next five years also rose three points to 71. Finally, survey takers overall perception that it’s a good time to buy “big ticket” items such as washing machines and laptops went up sharply by seven points to 85.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com

1. Buyers Will Return
In 2011, a lack of consumer confidence in the overall economy dramatically impacted the housing market. Buyers were afraid to make a purchasing decision on any big ticket item. By the end of 2011, consumer confidence began to return and sales increased. Economic conditions will continue to improve throughout 2012 and consumer sentiment will solidify. Once that happens, home buyers will realize that now is the time to buy.
2. Foreclosures Will Increase
The ‘shadow inventory’ of foreclosures which has been growing since the robo-signing challenges of late 2010 will finally be introduced to the market. Distressed properties sell at discounted prices. They will impact the housing values of the non-distressed homes in the area.
3. Prices Will Soften
As more and more foreclosures come to market, there will be greater downward pressure on the values of houses in the region. Foreclosures impact values of non-distressed properties in two ways:
•They will eat up some of the buyer demand in the market.
•They will impact the appraisal on ALL transactions in the area.
An increase in foreclosures will have a negative impact on values. This will cause more homes to be underwater.
4. Short Sales Will Increase
As mentioned above, we strongly believe that home prices will soften through at least the first half of 2012. Falling prices will force more homeowners into a position of negative equity. Negative equity is one of the triggers that cause people to strategically default on their mortgage obligations. If this happens, there could be an increase in the number of foreclosures. However, we predict that banks will take preventative measures which will help many of these homes avoid foreclosure by easing the requirements in the short sale process for both homeowners and real estate professionals.
5. Great Agents Will Be VERY Successful
Real Estate professionals who have invested the money, time and energy to truly understand what is happening and why it is happening will separate themselves from their competition and do very well this year.
John Holbrook - Realtor Amelia Island, Fernandina Beach & Yulee, Florida
Cell: 904-415-0171 Email: holbrook66@msn.com Web: www.nassaumls.net
www.johnholbrook.blogspot.com